Alexa Internet

Initial Business Response / [redacted] (1000, 9, 2016/05/25) */ The complaint states she is not ok with the depreciation applied to the loss and wants the full amount She applied and paid for a standard policy for her rental houseOn page 10, the policy reads as follows: Loss Settlement Terms - Subject to the deductible or other limitation that applies, we pay the lesser of: a)the limit that applies; b)your interest in the property; or c)the amount determined under the Actual Cash Value Terms 1.Actual Cash Value Terms - Actual cash value includes a deduction for depreciation, however causedThe smallest of the following amounts is used in applying the Loss Settlement Terms: athe cost to repair or replace the property with materials of like kind and quality to the extent practical; bthe actual cash value of the property at the time of the loss; or c(applies only to mobile homes) the difference in the actual cash value just before the loss and the actual cash value just after the loss The cost of repairs was calculated for the shingles and interior damageThe roofing materials were depreciated at 50% and the interior repairs were depreciated at 24% The policy contract was followed Initial Consumer Rebuttal / [redacted] (2000, 11, 2016/05/31) */ (The consumer indicated he/she ACCEPTED the response from the business.)

Initial Business Response /* (1000, 9, 2016/05/25) */
The complaint states she is not ok with the depreciation applied to the loss and wants the full amount.
She applied and paid for a standard policy for her rental house. On page 10, the policy reads as follows: Loss Settlement Terms - Subject...

to the deductible or other limitation that applies, we pay the lesser of:
a)the limit that applies;
b)your interest in the property; or
c)the amount determined under the Actual Cash Value Terms.
1.Actual Cash Value Terms - Actual cash value includes a deduction for depreciation, however caused. The smallest of the following amounts is used in applying the Loss Settlement Terms:
a. the cost to repair or replace the property with materials of like kind and quality to the extent practical;
b. the actual cash value of the property at the time of the loss; or
c. (applies only to mobile homes) the difference in the actual cash value just before the loss and the actual cash value just after the loss.
The cost of repairs was calculated for the shingles and interior damage. The roofing materials were depreciated at 50% and the interior repairs were depreciated at 24%.
The policy contract was followed.
Initial Consumer Rebuttal /* (2000, 11, 2016/05/31) */
(The consumer indicated he/she ACCEPTED the response from the business.)